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FHA 203K Rehab Loan
The 203k program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgages for the purchase or refinance of single family properties in need of rehabilitation. The standard program is available for homes with necessary major repairs, whereas the Streamline is available for homes in need of repairs on a smaller scale.
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Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. FHA Streamline refinances are available.
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The purchase loan can be used to finance the purchase of nearly all types of real estate, although the exact terms and conditions of the purchase loan are going to vary from lender to lender.
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Homeowners are able to refinance their current home loan for various reasons whether it is to reduce monthly payment, reduce their interest rate, take cash out of their home equity, etc.
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Rural Development Mortgage
The USDA Rural Development Loan offers 100% financing and other unique benefits to assist individuals and families in purchasing their primary home. USDA Rural Development Streamline refinances are available.
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VA Mortgages - Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. VA offers up to 100% financing. VA Streamline refinances are available.
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